European Law

We can advise on cross-border legal matters.

A high degree of uncertainty exists around various potential scenarios, not least because there is no existing legal mechanism for any country unilaterally to exit the Euro or the EU (other than pursuant to a two-year process) and because state insolvency is an unregulated area of law.

We advise on:

  • Legal effect of a unilateral withdrawal from the EU or the Euro in breach of treaty obligations
  • Impact of redenomination of a member state’s currency on Euro payment obligations
  • Practical implications of redenomination on Euro configured integrated and automated trading systems
  • Consequences of switched currency devaluation on LTV’s and associated enforcement issues
  • Choice of law and jurisdictional issues if a member state passes defensive exit legislation (eg introducing exchange controls and/or claims moratoria)
  • Potential defaults under CDS’ and other structured products triggered by various potential Eurozone developments
  • Implications for foreign law and local law bonds issued by the exiting member state
  • Review of standard form contracts and key contracts with suppliers/licensors of software and other systems
  • Application of private law doctrines of frustration, impossibility of performance and statutory illegality
  • Availability of public international law remedies under applicable BITs or the Energy Charter for energy related matters
  • Sovereign immunity issues
  • Credit rating downgrades


You may consult us if you have:

  • A presence (eg subsidiaries, offices, business operations, assets or employees) in any potentially affected member state
  • Bank deposits, financial instruments, securities or other investments in any potentially affected member state
  • Debt financing or derivatives exposure in or with any potentially affected member state
  • Contractual arrangements in or with any potentially affected member states, or with any company or person in a potentially affected member state